Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
China’s industrial profit decline narrows in June to extend recovery trend;
Volkswagen takes $700 million Xpeng stake and strengthens cooperation between Audi and SAIC.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Profits at China's major industrial firms shrank at a slower pace in June with supportive policy measures gradually taking effect, the National Bureau of Statistics said on Thursday.
NBS data showed that industrial enterprises with annual revenue of at least 20 million yuan each saw their total profits drop by 8.3 percent year-on-year in June after a 12.6 percent decline in May.
For the first half of this year, industrial firms' profits fell 16.8 percent year-on-year to 3.39 trillion yuan, narrowing from the 18.8 percent drop recorded in the first five months, the bureau said.
In the first six months, large state-holding enterprises realized a total profit of 1.2 trillion yuan, a year-on-year decrease of 21 percent, enterprises funded by overseas investors reported total profit of 796.7 billion yuan, down 12.8 percent year-on-year while private enterprises posted profit of 868.9 billion yuan, down 13.5 percent year-on-year.
Over the period, among the 41 industrial categories, 30 sectors saw improvement in profits in the first six months compared with that in the first quarter.
Notably, profits of the manufacturing sector improved in the first half, narrowing 9.4 percentage points compared with the first quarter of the year, in which profits at equipment manufacturing enterprises rose by 3.1 percent on a yearly basis, 20.8 percentage points higher than that in the first three months.
During the first half, profits recorded by industrial firms that offer supply of electricity, heat, gas and water grew by 34.1 percent year-on-year, while profits recorded by mining firms and manufacturing companies shrank by 19.9 and 20 percent, respectively.
The country's industrial manufacturing continues to maintain steady recovery and their profits continue to improve along with sustained economic rebound and the implementation of policies, NBS statistician Sun Xiao said in a statement on the bureau's website on Thursday.
Efforts are needed to precisely implement macro-economic policies to effectively boost demand, spark market entity vitality, nurture new development momentum to boost high-quality development of industrial economy in China, the NBS noted.
随着推动经济持续回升向好、各项政策措施落地显效，工业生产稳步恢复，企业盈利逐月改善。
国家统计局7月27日发布的数据显示，1-6月份，全国规模以上工业企业实现利润总额33884.6亿元，同比下降16.8%，降幅比1-5月份收窄2.0个百分点。
其中，6月份全国规模以上工业企业利润同比下降8.3%，降幅较5月份收窄4.3个百分点。
国家统计局工业司统计师孙晓表示，累计利润降幅自年初以来逐月收窄，工业企业利润稳步恢复。下阶段，要科学精准实施宏观政策，着力扩大有效需求，提高产销衔接水平，激发经营主体活力，培育壮大发展新动能，推动工业经济高质量发展。
分企业类型来看，规模以上工业企业中，国有控股企业实现利润总额12002.0亿元，同比下降21.0%；股份制企业实现利润总额24872.0亿元，下降18.1%；外商及港澳台商投资企业实现利润总额7966.8亿元，下降12.8%；私营企业实现利润总额8689.2亿元，下降13.5%。
分行业来看，七成以上行业盈利较一季度改善，制造业盈利改善明显。上半年，在41个工业大类行业中，有30个行业利润同比增速较一季度加快，或降幅收窄、由降转增，占比超七成。制造业带动工业企业利润改善作用较强，上半年，制造业利润降幅较一季度收窄9.4个百分点，带动规上工业利润降幅较一季度收窄7.4个百分点。
装备制造业累计利润增速由负转正。上半年，装备制造业利润同比增长3.1%，实现由降转增，增速较一季度大幅回升20.8个百分点。装备制造业利润占规上工业的比重为34.3%，较一季度和上年同期分别提高6.8和6.7个百分点。
电气水行业也实现了利润持续增长。上半年，电力、热力、燃气及水生产和供应业利润同比增长34.1%，今年以来持续快速增长。其中，电力行业受国民经济持续恢复、迎峰度夏电力保供、可再生能源发电快速发展等因素带动，发电量持续增长，行业利润同比增长46.5%。
消费品制造业利润加快回升。随着扩大内需政策措施发力显效，市场需求逐步释放，多数消费品制造行业利润改善。上半年，在13个主要消费品制造行业中，有10个行业利润同比降幅较一季度收窄或由降转增，占76.9%。
国家统计局工业司统计师孙晓表示，总体看，工业企业利润延续恢复态势。下阶段，要坚决贯彻党中央、国务院决策部署，科学精准实施宏观政策，着力扩大有效需求，提高产销衔接水平，激发经营主体活力，培育壮大发展新动能，推动工业经济高质量发展。
Moving on to regional highlights
区域观察
The Comprehensive Country Exhibition, a key expo of the China International Import Expo(CIIE) that serves as a vital platform for host diplomacy, will be held offline at this year’s sixth CIIE. After being held online for two consecutive years, the Country Exhibition will return to physical venues this year, Sun Chenghai, deputy director general of the CIIE Bureau, said at a press conference for the 100-day countdown to the expo today. The China pavilion will cover an area of 2,500 square meters, a new record high. This year’s CIIE will be held in Shanghai between Nov. 5 and Nov. 10.
进博会国家综合展恢复线下举办：7月27日是第六届中国国际进口博览会开幕倒计100天。第六届中国国际进口博览会新闻通气会上，中国国际进口博览局副局长孙成海介绍，第六届进博会国家综合展将恢复线下举办并设立主宾国，中国馆将升级扩容到2500平方米，规模达到历届之最。截至目前，不少国家已确认参展，涵盖最不发达国家、发展中国家和发达国家，世界贸易组织、联合国工业发展组织、国际贸易中心等国际组织也已确认参展。同时，中国馆展览面积由此前的1500平方米增至2500平方米，规模为历届之最，将重点展示我国推进高水平开放和高质量发展的最新成果，吸引“投资中国”。第六届进博会将于2023年11月5日至10日在上海线下举办。
China's first commercial spacecraft launch site in Wenchang, Hainan Province, is ramping up the final stages of construction, and plans to commence normalized commercial launch operations in 2024. The first commercial launch mission will commence in the first half of 2024, and the site will commence launch missions at a high frequency in 2025, which means commercial launch missions will occur each month, a representative from the administration bureau of the Wenchang International Aerospace City said on Wednesday.
文昌商业航天发射场明年将完成首次发射：7月26日，文昌国际航天城管理局常务副局长董承华表示，海南商业航天发射场项目于2022年7月6日开工，计划在2023年年底完成发射场硬件设施建设，2024年上半年将完成火箭的首次发射。此后，发射场将进入常态化发射阶段。
Greater Bay Area, Greater future
新使命，大未来
Hong Kong Exchanges and Clearing(HKEX) has signed a memorandum of understanding(MoU) with the Indonesia Stock Exchange (IDX) to explore strategic opportunities aimed at supporting the mutual development of both organizations and their respective markets. Under the MoU, HKEX and IDX will collaborate on cross-border listings in Hong Kong and Indonesia, joint product development, and environment, social and governance initiatives. HKEX CEO Nicolas Aguzin said the Hong Kong and Indonesian bourses are looking into the possibilities of developing cross-border listing and dual listing.
港交所与印尼证交所签署合作协议：7月26日，香港交易及结算所有限公司（香港交易所）宣布与印尼证券交易所（IDX）签署谅解备忘录。该合作伙伴关系将探索多个战略领域的机会，以支持两个组织及其相应市场的共同发展。根据谅解备忘录的条款，香港交易所和IDX将寻求合作，以提供与香港和印度尼西亚市场跨境上市、联合产品开发和ESG举措（例如在亚洲推广可持续金融）相关的机会。
The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) signed an MoU to promote joint deliberations in financial innovation during a bilateral meeting in Riyadh on Wednesday to strengthen collaboration between the financial services sectors in the two jurisdictions. During the meeting, the SAMA and the HKMA discussed a number of initiatives in four major areas, including financial infrastructure development, open market operations, market connectivity and sustainable development, the HKMA announced today.
沙特央行与香港金管局加强金融合作：香港金管局网站27日发布消息，沙特央行与香港金融管理局(金管局)于利雅得时间7月26日在利雅得举行双边会议，加强两地金融服务领域的合作。会议期间，沙特央行与金管局讨论多项合作计划，主要涉及金融基建发展、公开市场操作、两地市场互联互通，以及可持续发展等四大范畴。双方亦签订谅解备忘录，促进金融创新方面的共同讨论。
Next on industry and company news
产业及公司新闻
Shares of Xpeng soared 27 percent in the US on Wednesday and jumped 34 percent in Hong Kong today after Volkswagen AG announced plans to invest $700 million in the Chinese EV startup and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market. VW will eventually hold a 4.99 percent stake in the Chinese company via a capital increase and is getting an observer board seat, it said late Wednesday. The Volkswagen brand will partner with Xpeng to produce two models, which are to be rolled out from 2026, targeting the middle-class segment which will carry the VW logo but feature Xpeng know-how on software and autonomous driving, VW added. Meanwhile, VW's premium brand Audi will deepen ties with its long-term partner SAIC Motor to also bolster its EV lineup. The models would be in a segment Audi has yet to broach in China, the company said.
大众7亿美元入股小鹏：隔夜小鹏汽车大涨26.7%，今天港股继续飙涨，带动汽车产业链早盘爆发，小鹏港股收盘涨34%。7月26日晚间，大众汽车集团宣布，大众汽车品牌与小鹏汽车达成技术框架协议。在合作的初期阶段，双方计划面向中国的中型车市场，共同开发两款大众汽车品牌的电动车型。这两款专属于中国市场的新车将补充基于MEB平台的产品组合，并计划于2026年走向市场。相关合作内容取决于最终的协议达成。作为这一紧密、长期战略合作的一部分，大众汽车集团将向小鹏汽车增资约7亿美元，以每ADS(美国存托股票，每股ADS代表两股A类普通股) 15美元的价格收购小鹏汽车约4.99%的股权。此外，奥迪与其中国合资伙伴上汽集团签署战略备忘录，进一步深化现有合作。双方将通过共同开发，快速、高效地拓展高端市场智能网联电动车产品组合。作为规划的第一步，奥迪将通过推出全新的电动车型，进入此前在中国尚未覆盖的细分市场。大众汽车集团宣称，这两项协议均设想在未来联合开发用于下一代智能网联汽车的全新本土化平台。
A government-run game industry association on Thursday said the number of video game players in China has grown to a record 668 million, as the world’s biggest gaming market returns to growth. The number of gamers, which is accurate as of end-June, represents about half of the population. Industry association CGIGC, which announced the data at an industry conference in Shanghai, also said sales revenue of the domestic gaming market reached 144.26 billion yuan for the first half of this year. Separately, China approved 88 new video game licenses in July, including titles belonging to Baidu and DreamSky Technology.
上半年中国游戏用户6.68亿创新高：7月27日，中国国际数字娱乐产业大会(CDEC)会上发布《2023年1-6月中国游戏产业报告》。报告显示，今年1-6月，国内游戏市场实际销售收入规模为1442.63亿元，同比下降2.39%，环比增长22.2%，市场回暖趋势明显。同期，我国游戏用户规模为6.68亿，同比增长0.35%，达到历史新高点。另外，7月26日午后，国家新闻出版署公布了最新一批国产网络游戏审批信息。数据显示，本次共有88款国产网游获批，在上市游戏公司中，创梦天地、心动网络、吉比特（雷霆游戏）、冰川网络、中青宝等游企旗下的产品均出现在了最新获批的版号名单中。
China will further guide state-owned enterprises (SOEs) toward critical areas related to national security and economic development, according to the State-owned Assets Supervision and Administration Commission (SASAC) on Wednesday. The meeting stressed efforts to further improve core competitiveness of SOEs, strengthens their core functions, and enhance their technological innovation capabilities. The SASAC will promote the concentration of state-owned capital in important industries related to national security and the lifeline of the national economy, in important industries related to the national economy and people's livelihood, such as the provision of public services, emergency capacity building, and public welfare, and in forward-looking strategic emerging industries.
国资委推动国有资本向三个重要行业集中：国务院国资委7月26日消息，7月25日至26日，国务院国资委举办地方国资委负责人国有企业改革深化提升行动研讨班。会议强调，推动国有资本向关系国家安全、国民经济命脉的重要行业集中，向提供公共服务、应急能力建设和公益性等关系国计民生的重要行业集中，向前瞻性战略性新兴产业集中，坚守主责、做强主业，当好“长期资本”“耐心资本”“战略资本”。
China has successfully reduced its net carbon emissions in the past decade, according to a study based on satellite imaging done by a state-backed institute on Wednesday. China’s land ecosystems have captured 1.3 billion metric tons of carbon dioxide annually in the past 10 years, or around 10 percent of the global total, according to a report by the Aerospace Information Research Institute of the Chinese Academy of Sciences.
中国净碳排放近10年呈降低趋势：7月26日，由中国科学院组织编写的《全球人为源碳排放与陆地生态系统碳收支遥感评估科学报告》发布。报告显示，基于卫星的同化反演结果表明，过去10年全球陆地生态系统平均每年吸收了137亿吨二氧化碳，其中中国陆地生态系统每年吸收了13亿吨二氧化碳，约占全球十分之一。卫星监测也发现中国净碳排放在近10年呈现降低的趋势，表明我国碳中和目标取得了重要进展。
Alibaba's cloud computing unit said it has become the first Chinese enterprise to support Meta's open-source artificial intelligence model Llama, allowing its Chinese business users to develop programs off the model. Meta released Llama2, a commercial version of Llama, this month to provide businesses a powerful free-of-charge alternative to pricey proprietary models sold by OpenAI and Google.
阿里云牵手Meta开发开源AI：7月26日媒体报道，阿里云宣布该公司已成为首家支持Meta开源AI模型Llama的中国企业，并允许其中国企业用户开发基于该模型的程序。Meta和微软近日合作推出Llama2，这是Meta公司的下一代开源大型语言模型，可以免费用于研究和商业用途。微软表示，Llama2旨在帮助开发者和组织，构建生成式人工智能工具和体验。
Youdao, the education technology unit of Chinese internet firm NetEase, has unveiled China's first vertical large language model for the education sector. Ziyue integrates knowledge of different school subjects and provides students with personalized analysis and instructions to achieve guided learning, Yudao's Chief Executive Zhou Feng said yesterday. The LLM can be used in six application scenarios, including translation, oral language tutoring, and composition mentoring.
有道发布教育大模型“子曰”：7月26日，教育科技公司网易有道推出了国内首个教育领域垂直大模型“子曰”，并发布了基于“子曰”大模型研发的六大创新应用——“LLM翻译”“虚拟人口语教练”“AI作文指导”“语法精讲”“AI Box”以及“文档问答”。网易有道CEO周枫强调“场景拉动”的重要性，他表示，“子曰”大模型在教育行业的应用，不仅可以帮助学生更好地学习，也可以帮助老师更好地教学，借此实现因材施教的教育理想。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed slightly lower on Thursday. The benchmark Shanghai Composite slid 0.2 percent and the Shenzhen Component fell 0.4 percent. Hong Kong stocks rose on a rally of the tech and auto sectors, with the Hang Seng index up 1.4 percent, while the TECH index jumped 2.9 percent.
A股小跌港股造好：周四A股大盘全天冲高回落，三大指数均小幅下跌。截至收盘，沪指跌0.2%，深成指跌0.41%，创业板指跌0.32%。沪深两市今日成交额7800亿，较上个交易日缩量122亿。北向资金全天净买入37.47亿元，连续3日净买入。汽车产业链、大型科技股等板块造好带动港股上扬，恒指收涨1.41%，恒生科技指数收涨2.9%，步入技术性牛市。
Biz Word of the Day
财经词汇划重点
Indonesia Stock Exchange (IDX) is a stock exchange based in Jakarta, Indonesia. It was previously known as the Jakarta Stock Exchange (JSX) before its name changed in 2007 after merging with the Surabaya Stock Exchange (SSX). During recent years, Indonesia Stock Exchange sees fastest membership growth in Asia. As of September 2021, the Indonesia Stock Exchange had 750 listed companies, and total stock investors were about 6.4 million, compared to 2.5 million at the end of 2019. Indonesia has become a rising star in initial public offerings with a large number of metal and electric vehicle listings, raising about US$2.3 billion (HK$18 billion), which accounted for 70 percent of proceeds in Southeast Asia in the first half, as compared to about HK$17 billion in Hong Kong.
印尼证券交易所是一家总部位于印度尼西亚雅加达的证券交易所。 2007年9月，雅加达及泗水两家证券交易所合并成为由金融局辖下印尼证券交易所。印度尼西亚在上半年的全球资本市场中表现抢眼，成为新上市企业数量最多的东南亚国家。在丰富的电池金属储备和前景乐观的绿色能源产业投资推动下，印尼股市上半年完成44只IPO，筹集资金占东南亚IPO募集资金总额的70%，不仅创本国历史新高，而且跻身世界前四，仅次于中国、美国和阿联酋，超过日本、韩国和印度等国。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: HUANG Qingyi
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮，实习生黄青衣
音频制作：实习生黄青衣
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
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